Five federal regulators moved Tuesday to approve a key component of the sweeping financial reform law and rein in banks' riskiest trading.

Written by

Tim Mullaney
Gannett

Five federal regulators moved Tuesday to approve a key component of the sweeping financial reform law aimed at preventing another financial crisis and reining in banks' riskiest trading practices.

The Federal Deposit Insurance Corp., the Federal Reserve and the Securities and Exchange Commission approved the final version of the Volcker Rule on Tuesday morning. The Commodity Futures Trading Commission and the Comptroller of the Currency approved the rule without a public meeting.

The rule would prohibit banks from buying and selling most investments for their own accounts. But ...